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Abbey Mortgage Repossession Advice
hbslc
Posts: 252 Forumite
Folks,
Last month (Aug) I agreed to repay the arrears on my ex-partners mortgage over the next 4 months (Sept-Dec). As it was 3months in arrears I was advised that It ran the risk of being transferred to Litigation department. The agreement was made over the phone.
Today, I received a letter dated 3rd Sept claiming that if i don't pay back the full arrears (£1300) within 7 days of the letter (Mon!) court proceedings would start.
The mortgage is 50/50 between me & my ex-partner. I could raise £1300 but would be robbing peter to pay paul. Main debt not met as a result of doing this would be business chargecard.
The house in question is subject to legal proceedings raised by me on my ex-partner to force the sale of the house or to be bought out. Equity is roughly £60k on a £50k mortgage.
Mortgage is flexible, with approx £5k in credit. Abbey won't clear the arrears using this credit as needs both parties agreement. So I run the risk of losing all or part of the equity, of a real black mark on my credit file, all because my ex-partner refuses to pay it, help out, or talk to me about it.
Rock & a hard place! But what should I do? Will Abbey delay legal proceedings if i clear part of the arrears? Will Abbey now take it out of the credit?
Cheers - any advice would be appreciated.
Last month (Aug) I agreed to repay the arrears on my ex-partners mortgage over the next 4 months (Sept-Dec). As it was 3months in arrears I was advised that It ran the risk of being transferred to Litigation department. The agreement was made over the phone.
Today, I received a letter dated 3rd Sept claiming that if i don't pay back the full arrears (£1300) within 7 days of the letter (Mon!) court proceedings would start.
The mortgage is 50/50 between me & my ex-partner. I could raise £1300 but would be robbing peter to pay paul. Main debt not met as a result of doing this would be business chargecard.
The house in question is subject to legal proceedings raised by me on my ex-partner to force the sale of the house or to be bought out. Equity is roughly £60k on a £50k mortgage.
Mortgage is flexible, with approx £5k in credit. Abbey won't clear the arrears using this credit as needs both parties agreement. So I run the risk of losing all or part of the equity, of a real black mark on my credit file, all because my ex-partner refuses to pay it, help out, or talk to me about it.
Rock & a hard place! But what should I do? Will Abbey delay legal proceedings if i clear part of the arrears? Will Abbey now take it out of the credit?
Cheers - any advice would be appreciated.
Debts at 02/02/20: c£225,000 inc CCs of <£1000 repaid in full monthly
Debts at 14/07/10: £278,091 inc £24k unenforceable and £16k consumer debt. But House no longer derelict!!!
LBM: 14/08/07; Debt at LBM: £287131 inc CCs: £37,202.55;
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